Cipher Mining (NASDAQ:CIFR) Stock Price Down 1.8% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 1.8% during mid-day trading on Friday . The stock traded as low as $2.96 and last traded at $2.98. Approximately 2,399,592 shares traded hands during trading, a decline of 82% from the average daily volume of 13,687,311 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. lowered Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Needham & Company LLC dropped their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Finally, Northland Securities increased their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Performance

The company has a market capitalization of $1.10 billion, a P/E ratio of -22.96 and a beta of 2.47. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock’s 50-day moving average price is $5.01 and its 200-day moving average price is $5.01.

Institutional Trading of Cipher Mining

Hedge funds have recently bought and sold shares of the company. V3 Holding Ltd bought a new stake in Cipher Mining during the 4th quarter valued at $452,713,000. Vanguard Group Inc. raised its holdings in Cipher Mining by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock worth $84,318,000 after purchasing an additional 1,189,756 shares in the last quarter. State Street Corp raised its stake in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after buying an additional 1,019,949 shares in the last quarter. Invesco Ltd. raised its position in Cipher Mining by 16.7% in the fourth quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock worth $29,899,000 after acquiring an additional 924,262 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Cipher Mining by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company’s stock worth $26,583,000 after purchasing an additional 218,137 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.